Hallmark Co. Lands $34M for Northern Florida Asset

Proceeds retire the outstanding balance of a $30.9 million loan from 2020.

The Lakes at Nottingham

The Lakes at Nottingham. Image courtesy of Yardi Matrix

Hallmark Co. has obtained $34 million in refinancing for The Lakes at Nottingham, a 268-unit multifamily community in Pensacola, Fla. Greystone Managing Director Carter King originated the non-recourse, Fannie Mae loan that carries a 5.8 percent fixed rate and a five-year term, with two years of interest-only payments.

Proceeds retire the outstanding balance of a $30.9 million loan from 2020, according to Yardi Matrix data, while also enabling the borrower to partially monetize their equity.

Completed in two phases in 2002 and 2003, the garden-style property encompasses 17 two- and three-story buildings with one-, two- and three-bedroom floorplans ranging from 755 to 1,286 square feet. Common-area amenities include a fitness center, swimming pool, waterscape, playground and tennis court, along with 414 parking spaces.

Located at 8100 W. Highway 98, roughly 8 miles west of downtown Pensacola and some 11 miles from the Pensacola International Airport, The Lakes at Nottingham is also less than 7 miles from the Naval Air Station Pensacola. The community has several retail and dining options nearby.

Pensacola, an emerging southeastern market, was one of the top Florida markets for multifamily construction at the end of 2022, having 2,342 units underway as of November. Over the past decade, the metro’s population rose by 13.6 percent.

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